Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

NetEase (NTES): 4Q21, Better than Expectation

NetEase (9999 HK): Steady Without New Games in 1Q22 and New Games in Pipeline, Buy

Tencent (700 HK): Game Industry Decreasing for First Time and Turning to Overseas Market

NetEase (NTES): 1Q21, Game Slowing Down as Game Industry Has Changed

NetEase (NTES): Slower in 2Q21, But Do Not Short It

NetEase (NTES): 3Q21, Magic Awakened by Harry Potter

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>NTES is exploring overseas market by starting studios and selling games.</li>
<li>We believe NTES has the experience in dealing with the license suspension for new games.</li>
<li>We believe the stock has an upside of 48% for year end 2022.</li>
</ul>


NTES is exploring overseas market by starting studios and selling games.
We believe NTES has the experience in dealing with the license suspension for new games.
We believe the stock has an upside of 48% for year end 2022.


NetEase (NTES) Pre-Earnings: Exploring Overseas Market

NetEase Inc

NetEase (NTES) Pre-Earnings: Exploring Overseas Market